Actuarial gains and losses occur due to discrepancies between previous actuarial assumptions and actual experiences, or adjustments in those assumptions. These variances impact the present value of defined benefit pension schemes and are typically recognized in other comprehensive income.
Annual accounts, also known as annual reports, are comprehensive financial statements of an organization typically published annually and required by law for incorporated bodies in the UK.
Comprehensive income is the total of an entity's operating profits and holding gains recorded during a particular accounting period, encompassing both realized and unrealized gains.
The income statement, also known as a profit and loss account, is a financial document that provides a summary of a company's revenues, expenses, and profits/losses over a specific period. Under both International Accounting Standards (IAS) and the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the income statement plays a pivotal role in financial reporting.
Other Comprehensive Income (OCI) represents gains and losses that are not included in net income on the income statement but are reported in the equity section of the balance sheet.
A detailed explanation of Other Comprehensive Income (OCI), including its types, examples, related terms, and resources for further study.
The Statement of Changes in Equity (SOCE) is a financial document that outlines the changes in shareholders' equity over a reporting period. It highlights changes due to transactions with owners, profits, losses, and other comprehensive income.
An older term for the statement of total recognized gains and losses, now commonly referred to as the statement of comprehensive income, which provides a comprehensive summary of all income and expenses recognized in a financial period.
Total comprehensive income is the sum of net profit shown in the profit and loss account (income statement) along with any other comprehensive income. Under the Financial Reporting Standard Applicable in the UK and Republic of Ireland (Section 5), it should be presented as part of a statement of comprehensive income (statement of total recognized gains and losses).
